Dublin, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The "Global Centrifugal Pump Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global centrifugal pump market is on a trajectory of impressive growth, with an anticipated valuation of $59.38 billion by 2028, a substantial increase from $45.52 billion in 2022, marking a CAGR of 4.53% during the period from 2022 to 2028. Several market trends and opportunities are driving this expansion.
Market Trends and Opportunities
Demand for Energy Efficient Pumps: As part of energy-saving initiatives and to reduce power consumption, there is a global push towards integrating renewable energy technologies and adopting energy-efficient equipment. This initiative is driven by concerns about climate change, the adverse effects of fossil fuel use, economic competitiveness, and the transition to a green economy. Major regional vendors are expected to introduce energy-efficient pumps with advanced technologies, creating a dynamic marketplace for domestic vendors.
Rising Shift Towards Solar-Powered Centrifugal Pumps: Solar-powered centrifugal pumps have gained popularity as cost-effective and sustainable solutions for various applications, particularly in agriculture and water management. These pumps use solar energy, eliminating the need for dual-powered generators or electricity. Solar-powered centrifugal pumps offer cost savings, lower maintenance, and reduced environmental impact. Governments and organizations worldwide are encouraging the adoption of solar energy, further propelling the market for solar-powered pumps.
Industry Restraints
Volatility in Oil & Gas Prices: The oil & gas industry, a significant revenue generator in the centrifugal pump market, is susceptible to price fluctuations. Volatile oil prices impact market conditions, with the mining sector also experiencing losses due to reduced demand for coal, metals, and minerals. Global energy transitions, aiming to reduce emissions, present challenges for firms, potentially impacting pump demand in developed countries.
Insights by Type of Stage
Single-stage centrifugal pumps dominate the global market due to their demand in various industries, including manufacturing, petrochemical, electricity, fertilizer, pharmaceutical, mining, and general industrial applications. High-pressure multi-stage centrifugal pumps find use in power generation for steam boilers.
Insights by Type of Impeller
Enclosed impellers account for a significant share in the global market (approximately 70% in 2022) due to their suitability for various industries, offering differentiated design features and capabilities. The choice of impeller type depends on application requirements, fluid characteristics, and performance parameters.
Insights by Position of Impeller
Overhung impellers dominate the market due to their extensive use in water & wastewater treatment plants. The adoption of desalination technologies in this sector is expected to boost demand for overhung impellers.
Insights by Shaft Orientation
Horizontal shaft orientation pumps lead the market, particularly in commercial and industrial applications, offering cost-effectiveness and convenience in access. Horizontal pumps require less piping arrangement and construction, contributing to their appeal.
Insights by End-User
The industrial sector represents the largest end-user segment, with over 74% market share in 2022. Subcategories within the industrial segment include oil & gas, water & wastewater, food & beverage, chemical, power, mining, pharmaceutical, and others. Among these, the oil & gas industry is expected to dominate, driven by recovering oil prices and expansion in onshore and offshore fields.
Insights by Distribution Channel
Direct distribution channels are the primary choice in the market. While some vendors use both direct and indirect channels, developing an indirect sales channel can be complex and costly.
Geographical Analysis
Asia, particularly countries like China, India, and South Korea, presents the most attractive market due to ongoing economic growth. Asia is poised to outpace developed economies in North America and Western Europe, as well as developing South American countries. Economic advancements in these Asian nations are driving market appeal.
Competitive Landscape
The global centrifugal pump market is highly competitive, with key differentiators being product line, efficiency, product reliability & availability, service capabilities, and price. Vendors are investing in R&D to enhance core product technology, improve operational efficiency, and offer competitive products. The market includes prominent players like Alfa Laval, Baker Hughes, CIRCOR, DESMI, Flowserve, Franklin Electric, Kirloskar Brothers, KSB, Nikkiso, SPX FLOW, Sulzer, Torishima, Weir, WILO, and Xylem, among others.
Market Dynamics
Opportunities & Trends
- Demand for Water & Wastewater Treatment Plants.
- Increased Infrastructure Projects in Developing Economies.
- Rise in Number of Modular Construction Projects.
- Demand for Energy-Efficient Pumps.
- Advent of Intelligent & Smart Pumps.
- Adoption of Electric Air-Source Heat Pumps.
- Preference for Solar-Powered Centrifugal Pumps.
Growth Enablers
- Strong Replacement Demand.
- Demand for Efficient & Advanced Pump Technologies.
- Launch of Wastewater Treatment Schemes in the Middle East.
- Demand for Pumps in Automotive Industry.
- Increased Use of Magnetic Drive Pumps.
Restraints
- Volatility in Oil & Gas Prices.
- Fluctuations in Raw Material Prices.
- Competitive & Fragmented Market Environment.
Key Questions Answered
- What is the size of the centrifugal pump market?
- What is the growth rate of the global centrifugal pump market?
- What are the key trends and opportunities in the centrifugal pump industry?
- Which region holds the largest share of the global centrifugal pump market?
- Who are the key players in the global centrifugal pump market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 474 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $45.52 Billion |
| Forecasted Market Value (USD) by 2028 | $59.38 Billion |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/skpxow
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